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Piper Sandler has lowered its rating on Sight Sciences (NASDAQ:SGHT) to neutral, citing the company’s lowered guidance due to a slow down in account utilizations caused by Medicare coverage issues.
The investment bank said that while it sees the new guidance as “likely the floor” in 2023, it is concerned about competition from new technologies as it looks into 2024, especially if Medicare-related local coverage determination, or LCD, issues are not resolved.
Piper added that while it is a fan of the company’s technology, it’s stepping to the sidelines until it receives more clarity relating to LCD headwinds and competitive dynamics.
Piper lowered its price target for the stock to $5.50 from $15.
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